A medical technology company that entered liquidation this year had accumulated debts exceeding £17 million, with its former director planning to operate a connected enterprise under an identical name.
Isansys Lifecare Limited, based at premises on Broadway in Didcot, entered a creditors’ voluntary winding-up procedure on June 5, 2025.
Official records indicate that the shortfall to creditors and members reached approximately £17.38 million by May 2025, though earlier estimates suggested a deficiency surpassing £17 million.
Documents lodged with The Gazette confirm that David Dorricott, previously a director of the company, intends to maintain involvement with an entity trading as Isansys Lifecare through ZipAddress Limited, a company incorporated in the Isle of Man.
Insolvency legislation permits directors to establish businesses bearing the same name as a former insolvent entity, provided appropriate notification procedures are followed, thereby avoiding potential criminal liability or personal responsibility for the previous company’s obligations.
The latest financial filings reveal the precarious position the business occupied before closure.
Annual accounts covering the period ended December 31, 2023, recorded tangible assets of just over £2 million and current assets near £400,000, against net liabilities approaching £11.2 million.
Records maintained at Companies House indicate that ZipAddress Limited was the primary creditor, with amounts owed reaching approximately £15.6 million and security interests comprising fixed and floating charges against Isansys’s assets.
That entity subsequently filed a claim valued at £16.34 million.
No distributions have yet been made to ZipAddress Limited.
Liquidators have realised more than £25,000 from disposing of inventory, recovering outstanding receivables, processing insurance claims and accessing funds held in company accounts.
Work continues to extract value from intellectual property holdings, research and development resources, and investments located in India and Germany.
However, the report acknowledges that the worth of those assets remains undetermined while negotiations regarding a potential disposal proceed under confidentiality restrictions.
Reviews into the behaviour of the company’s former directors have commenced.
A formal submission has been forwarded to the Department for Business and Trade pursuant to the Company Directors Disqualification Act, with the filing’s specifics remaining undisclosed.
Further information will be circulated to all creditors as circumstances develop.